Brokers Say Bulgarias Property Market Hit Rock Bottom

The Bulgarian real estate market has hit rock bottom and will not recover any time soon, Yavlena agency manager Strahil Ivanov said.Speaking to students at the University of National and World Economy on March 18, Ivanov predicted prices of some properties could drop by 5 to 10 per cent. Now was the time to hunt for bargains, he said.His opinion was echoed by most of Bulgaria's major property agencies.Tsvetelina Taseva, executive director of Address, said at a recent conference that buyers lower prices by 15 to 20 per cent if they have the money at hand.Ivanov estimated properties in the centre of Sofia that are put up for sale at 2 000 euro a square metre at the moment, could fall to 1 600 euro.Yavlena said deals in January and February were rare, but said quarterly numbers were expected to be three times lower. The company did receive inquiries from prospective buyers, which it said was a sign that the market was about to pick up. However, this is unlikely to happen before the end of the year, Ivanov said.Real estate agency Elta Consult said more deals were expected towards the end of the year but prices would be lower.Last week it emerged that prices in the mass home segment have gone back to levels of two years ago. Two-room flats in Sofia and Varna are available for purchase for 50 000 to 70 000 euro, according to a survey by Raiffeisen Real Estate. Asking prices in Sofia were 20 per cent higher than what buyers actually paid, the study found.